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Sportsbet pledges to improve compliance with AUSTRAC
AUSTRAC has accepted Sportsbet‘s enforceable pledge to improve its compliance with Australian anti-money laundering and counter-terrorism funding regulations.
Following a comprehensive supervisory campaign analyzing firms in the corporate bookmaker sector, AUSTRAC ordered Sportsbet to employ an external auditor to examine its AML/CTF compliance.
After careful examination of the auditor’s findings and Sportsbet’s eagerness to cooperate and work proactively to address its obligations, AUSTRAC determined that receiving an Enforceable Undertaking from Sportsbet is the most suitable regulatory action. The enforceable undertaking commits Sportsbet to an ongoing remedial action plan to strengthen its AML/CTF process, which AUSTRAC will monitor to ensure it is completed within the timeframes specified. As part of the agreement, Sportsbet must also give reports to AUSTRAC from an auditor who will continuously assess the development of Sportsbet’s upgrade.
AUSTRAC CEO Brendan Thomas stated that the enforceable agreement is intended to assist prevent Sportsbet from becoming an entry point for criminals’ illicit funds.
Thomas stated:
“Corporate bookmakers must have robust systems in place to ensure they comply with their AML/CTF obligation. Sportsbet’s undertaking binds it to a programme of work. This will help ensure Sportsbet manages and mitigates the risks associated with money laundering and terrorism financing.
We will be monitoring Sportsbet throughout this process to ensure it meets these obligations and there will be consequences if it does not. Betting agencies, like all regulated entities, have a significant role to play in combating financial crime. This undertaking will ensure that Sportsbet commits sufficient resources to adequately implement its remediation programme promptly, or risk further enforcement action.”
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